Liabilities were overstated, accounting homework help
3. The cash purchase of a truck was recorded as a purchase on credit. Due to this error:A. assets were overstatedB. Liabilities were overstatedC. answers a and b are both correctd. none of the above. 10. The beginning balance in the computers account was $2,000. The company purchased an additional $1000 worth of computers. The balance in the account is:a. debit of $2,000b. credit of $3,000c. debit of $3,000d. credit of $2,00020. if cash has been debited, it is likely that :a. the owner made and investmentb. a charge customer made a paymentc. the business borrowed cash from the bankd. all of the above21. if prepaid rent has been debited, it is likely that :a. the rent was paid for 3 months in advanceb. a bill for the past month's rent was receivedc. this month's rent was paidd. all of the above22. proof that the dollar amount of the debits equal the dollar amount of the credits in the ledger mean:a. all of the info. from the journal was correctly transferred to the ledgerb. all accounts have their correct balances in the ledger.c. only the ledger is accurate: the journal may be incorrect. d. only that the debit dollar amounts equal the credit dollar amounts23. In preparing the trial balance of the K&L's bridal service, the withdrawal account (which had a normal balance in the general ledger) was listed as a credit for $400. What will be the difference between the debit and credit sides of the trial balance?a. $150b, 200c. 300d. 800
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